MANILA — The Maharlika Investment Corporation (MIC) is examining potential investments in the agro-industrial sector, focusing on developments such as coconut oil mills, as part of its broader strategy to diversify its investment portfolio.
According to Philippines News Agency, the Secretary of the Department of Finance (DOF) and chairperson of MIC, the corporation is currently in the process of evaluating various opportunities within the agro-industry. The announcement was made through a Viber message on Sunday. Recto revealed that while specific details are yet to be disclosed, the initiative is progressing, with discussions centering on agricultural sectors, including coconut oil mills.
During the MIC Board's fifth meeting, which took place on March 14 and was led by Recto and MIC president and chief executive officer Rafael Consing Jr., the board agreed to initiate talks with the DOF-Privatization Management Office. The goal is to identify potential investment avenues in government-owned assets, with a particular interest in the agriculture sector, especially in coconut mills and refineries.
In addition to agro-industrial ventures, Consing, in a separate communication, indicated that the MIC is exploring strategic opportunities within the agricultural sector. However, he anticipates that the corporation's initial investment is likely to be in the energy sector. This is based on ongoing discussions and current project timelines, suggesting upcoming announcements could focus on power-sector investments.
The MIC plays a critical role in managing and utilizing the Maharlika Investment Fund, aiming to maximize returns through strategic investments. It seeks to leverage state-owned assets to generate additional revenues for public funds. Consing highlighted that among the sectors under consideration, energy security remains a priority, with the corporation focusing on renewable energy, diversifying energy sources, grid modernization, and improving electricity distribution to ensure price stability and supply diversification.